Archived Information

U.S. Department of Education, FDIC and NCUA Announce Partnership to Promote Sound Money Management and Savings Programs Among Youth

Officials challenge financial institutions, schools, federal grantees, and other stakeholders to work together to help students and families save for college, develop smart money habits

Sandra Abrevaya, U.S. Department of Education, (202) 401-1576,
David Barr, Federal Deposit Insurance Corporation, (202) 898-6992
Cherie Umbel, National Credit Union Administration, (703) 518-6330

Event Date 1: November 15, 2010 09:00 am

U.S. Secretary of Education Arne Duncan, Federal Deposit Insurance Corporation (FDIC) Chairman Sheila C. Bair and National Credit Union Administration (NCUA) Chairman Debbie Matz will visit T.C. Williams High School in Alexandria, Va., at 9 a.m. Monday, Nov. 15, to announce a partnership agreement to promote financial education and access, and asset building among students and families. They will first meet with students who operate the onsite credit union at T.C. Williams, and a press conference with students and stakeholders will follow. The goal of the partnership is to help more students learn the basics of handling their finances appropriately and to develop habits that lead to strong financial futures, including saving.

"Teaching students how to make smart decisions about money from an early age will help ensure that they make informed decisions about pursuing and paying for college, and planning for their future," Duncan says.

Across the country, states, cities and schools are beginning to recognize the importance of teaching young people sound money management practices, even as young as kindergarten. The need for youth financial education and savings programs is well-documented. Research shows that youth with college savings accounts are more likely to go to college than those who don't, which supports the President's national goal of once again leading the world in college completion by 2020. In addition, younger adults are more likely to be unbanked and pay sizable fees for basic financial services, according to the FDIC. The partnership encourages financial institutions, schools, federal grantees, and other stakeholders to work together to support youth financial education and to provide students and families with access to safe and affordable accounts at federally insured banks and credit unions.

Event 1
Who : U.S. Secretary of Education Arne Duncan
FDIC Chairman Sheila C. Bair
NCUA Chairman Debbie Matz
What : School visit, partnership announcement
When : 9 a.m. Monday, Nov. 15, 2010
Media avail with Q&A
Where : T.C. Williams High School
3330 King St.
Alexandria, VA